PayPal stops money transfer services between russian users

Banks

YEREVAN, July 31. /ARKA/. PayPal  worldwide online payments system said starting from August 1 it stops offering payment and money transfer services between Russian users and will focus on cross-border trade instead as part of a changed business model in Russia, banki.ru reported

According to  PayPal, in 2019 domestic operations only accounted for 4 percent of total profits from the Russian market.

PayPal became available to Russian users in 2006 for cross-border trade and since 2013 for domestic money transfers after  Russian law regarding domestic payment systems was revised.

PayPal will maintain its Moscow offices to continue supporting its Russian users with cross-border trade payments, Russian news agency Tass said. -0-

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